@EricBalchunas I went to a Bernstein research conference shortly after the “Passive” essay was published and got a chance to tease the author about it in person. Definitely a career highlight 😂.
Will the Fed change course in 2026? Will the new Fed chair usher in a lower interest rate regime? How much difference will it make? Maybe less than everyone thinks. You can read my post on the limits of Fed power here: https://t.co/2JT3bhoyAp
So were the same people who were selling big cap tech stocks at the beginning of the week buying them back at the end of the week? Or different people? Serious question.
I'm not really buying the "AI is eating software" narrative. You can read why, along with a recap of the key market drivers this week, in my Weekly Macro Monitor, here https://t.co/VjXCl0Zb4R